A demand curve slopes downwards because of
An increase in the money income of the consumer
A decrease in the money income of the consumer
The substitution effect and the rise in real income of the consumer
The rise in demand for the complementary goods
The increase in the demand for factors and production
Correct answer is C
No explanation has been provided for this answer.
Under normal circumstances, the concept of consumers sovereignty implies that
The consumer and not the producer owns the means of production
The producer and not the consumer determines what is to be produced
The consumer and not the producer determines what is to be produced
Both the consumer and the producer determines what should be produced
Correct answer is C
Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced.
Variable cost
Opportunity cost
Total cost
Prime cost
Correct answer is B
No explanation has been provided for this answer.
Choice in economic life is necessitated by
The need to construct scale of preference
The opportunity cost of consumption
Unlimited wants
Scarcity of economic resources
Correct answer is D
No explanation has been provided for this answer.
When total revenue is at a maximum, marginal revenue is?
Constant
Negative
Zero
Positive
Maximum
Correct answer is C
No explanation has been provided for this answer.